SUDBURY, ON, June 5, 2019 /CNW/ - Frontier Lithium Inc.
(TSX.V: FL) (the "Company") announces the closing of a non-brokered
Flow Through private placement offering conditional upon the
approval of the TSX Venture Exchange ("TSX-V") for a total of
5,000,000 units ("Units") of the Company priced at $0.40 per Unit, for total gross proceeds of
$2,000,000. The Flow Through private
placement was oversubscribed from the initial offering by
$500,000 issuing an additional
1,250,000 common shares of the Company. Each Unit consists of one
(1) Common Share of the Company and one-half (½) share purchase
warrant (the "Warrant"). Each full Warrant entitles the holder
thereof to purchase one (1) additional common share of Frontier
Lithium at an exercise price of $0.50
for a period of twenty-four (24) months from the date of
issuance.
In connection with the CDN $2,000,000 Offering, the Company issued finder's
fees of CDN $100,200.00 and 250,500
finder warrants. Each finder warrant will be exercisable at a price
of $0.50 into one common share for a
period of twenty-four (24) months from the date of issuance.
All of the Shares and Warrants issued pursuant to the private
placement are subject to a minimum 4-month and one day statutory
hold period. The Offering is subject to certain conditions
including, but not limited to, the receipt of all necessary
approvals, including the approval of the TSX Venture
Exchange ("TSX-V") and applicable securities regulatory
authorities. Proceeds from the financing will be used to advance
exploration of Frontier's 100% owned PAK Lithium Project
located in northwestern Ontario.
About Frontier Lithium Inc.
Frontier Lithium is a Canadian junior mining company with the
largest land position in the Electric Avenue, an emerging premium
lithium mineral district located in the Canadian Shield of
northwestern Ontario containing
the company's PAK Lithium Deposit, North
America's highest concentration of rare low-iron spodumene.
Frontier Lithium's objective is to firstly become a near term
producer of premium technical grade lithium mineral concentrates of
2,000 tonnes of Lithium Carbonate Equivalent (("LCE") firstly for
glass producers then scale up to 30,000 tonnes by 2025 for both
glass producers and battery producers via a phased
approach.
Frontier maintains a tight share structure with management
ownership exceeding 30% of the Company.
About the PAK Lithium Project
The PAK Deposit is located at the south end of Ontario's Electric Avenue, a newly emerging
premium lithium-metal district which also hosts Frontier's new
discovery at Spark showing (2km northwest) and the Pennock Lake
pegmatite occurrence a further 30km along Frontier's PAK Lithium
Project. The PAK deposit has a current Measured and Indicated
Resource of 7.5 million tonnes of 2.02% Li2O and an
Inferred Lithium Resource of 1.8 million tonnes of 2.10%
Li2O which has a rare technical/ceramic grade spodumene
with low inherent iron (below 0.1% Fe2O3) as
per its NI 43-101 Technical Report, "Preliminary Feasibility Study"
disseminated on April 16, 2018.
Company Contact Information
Additional information regarding Frontier Lithium is
available on SEDAR at www.sedar.com under the Company's profile and
on its website at www.frontierlithium.com, including various
pictures of ongoing work at the project.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Frontier Lithium Inc.